The real estate market is in a bit of a transition phase, and yes, it has changed. Activity has slowed down, sellers are still expecting high offers, while buyers anticipate negotiating better deals. Things are usually quiet this time of year, although we are experiencing an encouraging number of showings and inquiries as well as a healthy level of traffic from cash buyers, who are awaiting a home that checks most of their boxes. This isn’t an easy task, simply because there aren’t cookie-cutter homes in this area. After all, this is part of what makes Lake Lure and western North Carolina so captivating.
As a buyer, prioritizing your standards and communicating your must-haves to your Realtor® will be helpful. In most cases, the majority of a buyer’s criteria can be met, but it takes time and persistence to keep up on price changes and new listings. This is something we do for our clients by setting up auto notifications right from our MLS, so when there are changes within your criteria, you will be in-the-know in real time. This is important because some properties will still bring in strong offers, even multiple offers if they are priced correctly and have features appealing to a wider percentage of competing buyers.
Sellers might want to keep in mind that homes in our area traditionally require more showings than those in other markets. This is simply due to what we mentioned above, as well as a multitude of factors impacting how each property fits a buyer’s unique set of desires. Some people may have their hearts set on having a level entry or driveway, while some are okay with navigating extra steps to get that amazing view or water access; some love the idea of taking on renovations or updating, while others prefer a choice that’s move-in-ready; Some like being within a planned or gated community, while others crave to be in a more remote location with fewer neighbors.
It’s also important to consider that our market is not always typical of other areas, especially when the news we hear these days feels gloomy and uncertain. According to the Canopy MLS market report from December 2, 2022, our region seems on track to end the year similar to the yearend of 2019. Rutherford county is the only one of 13 counties in our region where home sales were unchanged in October when compared to the previous month, while the Asheville region sales were down 11.6 percent compared to the previous month (Sept. 2022). Inventory continues to be limited, but as more listings come into the mix we’ll gradually move toward a balanced market. In the meantime, there are opportunities for both sides of the sale & we are looking forward to 2023!
Wes & Cathy Cleary of Team Cleary Real Estate, Inc. work full-time as full-service Realtors® living in Lake Lure. They have invested, rented, bought, and sold real estate in Western North Carolina since 1997. Licensed in NC/SC. TeamClearyWNC@gmail.com; Wes 828-785-2115; 828-808-6790 Cathy; www.TeamCleary.com.